As a result of the galactic war, workers in Tatooine O A. Were made unambiguously worse off O B. may be better off or may be worse off O . were made unambiguously better off
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- The information on three different technologies named as q, v and x is listed in the table below. Note that all of these technologies use different combinations of two types of factors of production, labor and capital, to produce 1000 units of output. Consider the first scenario where the per unit prices of the inputs, labor and capital are $50 and $25 respectively. Technology No of Labors Capital (tons) Cost value ($) A 10 50 B 30 20 C 50 10 Now imagine that a discovery has been made which has led to labor advancements leading to a reduction in per unit price of labor to $10, ceteris paribus. Which technology will a typical firm adopt under these changed circumstances and why? Using the value of costs found, what is the value of the economic rent for this firm?Class Activity •Choice land has 250 workers and produces only two goods, X and Y. Labouris the only factor of production, but some workers are better suited to producing X than Y (and vice versa). The Table below shows the maximum levels of output of each good possible from various levels of labout input a)Draw the production possibilities boundary on a scale diagram, with the production of X on the horizontal axis and the production of Y on the vertical axis. b)If the economy is producing 20 units of X and 800 units of Y, what is the opportunity cost of producing an extra 10 units of XDavis Florist has two employees, Anita and Jerome, and two tasks that need to be completed, floral arrangements and floral delivery. It takes Anita 30 minutes to finish one floral arrangement and 40 minutes to make a delivery. It takes Jerome 10 minutes to finish one floral arrangement and 30 minutes to make a delivery. Each worker works six hours per day. a. Suppose that, initially, both Jerome and Anita spend four hours each day doing floral arrangements and two hours each day doing deliveries. Now suppose they change their tasks, so that each individual does nothing but the task in which she or he has a comparative advantage. How many more floral arrangements and deliveries could they produce each day? ________ additional floral arrangements _________ additional deliveries
- I was running my ten-oven cupcake business last week. On Monday through Wednesday, employed 71 workers and we produced 50,000 cupcakes each day. On Thursday, I hired an additional worker (the 72nd) and my total daily output fell to 49,500 cupcakes. I concluded the 72nd worker was a trouble-maker and I promptly fired her. Having studied economics, you know there's a problem with my interpretation of what happened. Carefully and fully explain the mistake in my reasoning.A Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. . In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 130 rice bowls or wash 50 grill racks; Park can either wash 150 rice bowls or wash 15 grill racks; and Pola can either wash 100 rice bowls or wash 25 grill racks. Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. You must take into account the fact that every worker works eight hours a day. Please show me how to graph in excelA Korean BBQ restaurant has four workers for washing jobs: Dane, June, Park, and Pola. Each works eight hours a day and can produce two washing services: washing rice bowls and washing grill racks. . In an hour, Dane can either wash 100 rice bowls or wash 20 grill racks; June can either wash 130 rice bowls or wash 50 grill racks; Park can either wash 150 rice bowls or wash 15 grill racks; and Pola can either wash 100 rice bowls or wash 25 grill racks. Graph the production possibilities frontier over one day for this restaurant. In the graph, you must identify the points where transfer of a worker from one job to another starts to take place, by showing the coordinates of the points. In answering this question, you must take into account the fact that every worker works eight hours a day.
- Consider the product mix problem summarized in the table with 3 products (A, B, and C) and 5 types of resources (1,2,3,4,5). There may be multiple workers working in parallel for each resource. Assume that all workers have 8 hours per day. The number of workers in each resource and the times required for each activity (product) in each resource are given in Table 1. Work stations 1 2 3 4 5 Number of workers 5 4 4 6 8 Table 1 process times for sub products Activity time for A (Min/Unit) 5 3 15 0 10 Activity time for B (Min/Unit) 5 4 0 4 10 Activity time for C (Min/Unit) 5 5 0 3 10 1) For the given setting answer the following questions: a. What is the maximum flow rate if demand must be served in the mix determined by the demand rate (7 units of A, 5 units of B, and 4 units of C)? b. What is the bottleneck workstation, c. What is the utilization of workstations?Suppose that a car dealership wishes to see if efficiency wages will help improve its salespeople's productivity. Currently, each salesperson sells an average of 1 car per day while being paid $24 per hour for an 8-hour day. Instructions: Enter your answers as a whole number. a. What is the current labor cost per car sold? $ b. Suppose that when the dealer raises the price of labor to $34 per hour, the average number of cars sold by a salesperson increases to 2 per day. What is now the labor cost per car sold? 2$ By how much is it higher or lower than it was before? |(Click to select) ♥|by $ Has the efficiency of labor expenditures by the firm (cars sold per dollar of wages paid to salespeople) increased or decreased? (Click to select) V c. Suppose that if the wage is raised a second time to $46 per hour, the number of cars sold rises to an average of 2.5 per day. What is now the labor cost per car sold? $ d. If the firm's goal is to maximize the efficiency of its labor expenditures,…Robinson is trapped on an island and can produce Fish (F) or Coconuts (C) with his time. Let LF and LC denote labor hours dedicated to fishing or gathering coconuts, respectively. Robinson's technological relationships for producing fish is given by: F=12LF Robinson's technological relationships for producing coconuts is given by: C=14LC Which of the following is/are correct? check all that apply - Robinson becomes less productive at the margin for each additional hour spent fishing - every hour spent harvesting coconuts is equally productive at the margin in terms of labor usage - Robinson becomes less productive at the margin for each additional hour spent harvesting coconuts - every hour of labor spent fishing is equally productive at the margin in terms of labor usage
- The following table shows different combinations of labor and capital that can produce 400 units of output. The 3rd and 4th columns give the marginal products of labor and capital at each input combination. Suppose the wage rate is w=$1 and the price of capital is r = $5, what is the optimal input combination that produces 400 units at lowest cost? Marginal Marginal Product of Product of Labor Capital Labor Capital 10 2 80 400 2 10 400 80 4 5 200 160 5 4 160 200 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a L=10, K=2 b L=2, K=10 C L=4, K=5 d L=5, K=4Suppose that a car dealership wishes to see if efficiency wages will help improve its salespeople's productivity. Currently, each salesperson sells an average of 1 car per day while being paid $24 per hour for an 8-hour day. Instructions: Enter your answers as a whole number. a. What is the current labor cost per car sold? b. Suppose that when the dealer raises the price of labor to $34 per hour, the average number of cars sold by a salesperson increases to 2 per day. What is now the labor cost per car sold? By how much is it higher or lower than it was before? (Click to select) by $ Has the efficiency of labor expenditures by the firm (cars sold per dollar of wages paid to salespeople) increased or decreased? (Click to select) c. Suppose that if the wage is raised a second time to $46 per hour, the number of cars sold rises to an average of 2.5 per day. What is now the labor cost per car sold? d. If the firm's goal is to maximize the efficiency of its labor expenditures, which of the…For these two example questions, answer if each is an input (cost) or output (production) problem. *1* Texans require 10 labor hours per unit of beef produced and 30 labor hours per unit of cotton produced. Virginians require 15 labor hours per unit of beef and 40 hours per unit of cotton. *2* Refinery X can produce 22 gallons of gasoline or 18 gallons of flight fuel per barrel of crude oil. Refinery Y can produce 18 gallons of gasoline or 16 gallons of flight fuel per barrel of crude oil O output, output Oinput, input O input, output O output, input